Invenergy refinances Michigan wind project

Invenergy refinances Michigan wind project
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Privately-held US renewable energy company, Invenergy, has refinanced the 110.4 MW Gratiot County Wind Project near Breckenridge in Michigan.

Invenergy owns the majority interest and is the managing member of Gratiot County Wind.  The facility is operated and maintained by Invenergy Services.

Natixis, Norddeutsche Landesbank, Zions Bancorporation, and Siemens Financial Services served as Joint Lead Arrangers for the transaction, with Natixis acting as the Administrative Agent, Collateral Agent, and LC Issuing Bank.

“We are pleased to complete this refinancing with a combination of both existing and new lenders to the Gratiot project,” said Steve Ryder, Chief Financial Officer at Invenergy.

“Their support underscores the confidence of sophisticated financial institutions in our operating and asset management capabilities and the strength of the project’s fundamentals.”

Gratiot County Wind has been in operation since 2012 and consists of 69 1.6-megawatt GE Energy wind turbines.

The project output is sold directly to DTE Energy under a 20-year power purchase agreement expiring in 2032.